A good that entails relatively high fixed costs associated with the use of knowledge and other information-intensive inputs as key factors of production is
A) a logo good.
B) a search good.
C) a persuasive good.
D) an information product.
Answer: D
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The diamond-water paradox of value can be explained by
A) distinguishing between total utility and marginal utility. B) water's high level of utility relative to diamonds. C) water's low price relative to diamonds. D) the fact that utility cannot be measured.
The price of chicken increases as the result of higher beef prices. This indicates that
a. chicken and beef are substitutes. b. chicken and beef are complements. c. the market demand for beef is inelastic. d. the market demand for chicken is elastic.
An individual's permanent income is
A) constant over time. B) the same as his current income. C) unaffected by tax changes. D) equal to his expected average income.
Assume that Kelly has the preferences shown in the above table. Also assume that the price of a can of Pepsi is $3.00 and that the price of a slice of pizza is $2.00. If she has $16 available to spend, what combination of Pepsi and pizza will be her consumer optimum?
A. 2 cans of Pepsi, 5 slices of pizza B. 1 can of Pepsi, 4 slices of pizza C. 6 cans of Pepsi, 0 slices of pizza D. 4 cans of Pepsi, 2 slices of pizza